WESTERN UNION: Geared to Adopt Cryptocurrency

U.S Financial Service Giant WESTERN UNION (WU) is all set and ready to adopt cryptocurrencies if crypto market garners ample interest. The company has 130 currencies associated with it and is planning to introduce cryptocurrency in the near future.

Odilon Almeida, president of Western Union, commented that the company is inclined to integrate cryptocurrencies to their cross-border payment platform.

He explained that the company currently has access to ‘billions of bank accounts’ across the world and also works with ‘over half a million retail agent locations,’ which allows WU to work as an “on-ramp and off-ramp for global money movement.”

“Western Union is ready to adopt any kind of currency. We already work with 130 currencies. When we feel it’s the right time to introduce cryptocurrencies to our platform technology-wise, we will surely go for it; it’s just one more currency. I think cryptocurrency may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch them on our platform.”

Almeida also said cryptocurrencies have so far failed to achieve mass adoption because they have yet to satisfy three things viz. governance, compliance, and volatility. However, in his opinion, WU is better armed to solve for such variables because it already transfers money across 130 currencies and “dedicates substantial resources to all of those three challenges.”

Western Union on Blockchain

Almeida makes a distinction between cryptocurrencies and blockchain, says that Blockchain ‘has a lot of potentials’ and will see more and more use cases and applications of it.

The company on blockchain said that, “There are many potential applications for the financial services sector, and WU is investing in finding the best one to meet our platform,” further the company clarified that WU has partnered with Ripple Labs to test payment transfers by blockchain, which is faster and economic, but currently is still in ‘testing mode’.

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